Apple acquisition of Beats for $3 billion now official

Apple has just announced that it has indeed, as per persistent rumours from the past weeks, bought Beats Electronics and Beats Music for a total of $3 billion.

With the company set to fork out a staggering $2.6 billion ($1.55bn) up front, the remaining $400 million (£239m) to be vested over time.

Apple's CEO, Tim Cook said "Music is such an important part of all of our lives and holds a special place within our hearts at Apple, that’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world".

The official press release makes specific mention of Beats patents, as well as the headphones and music services. So perhaps the firm is sitting on some technology that has some huge value for Apple.

However, no matter how you look at it, this is an enormous deal, and a lot of money. Although, given Apple's cash stockpile, it's really chump-change.

Apple also mentions adding the streaming service into Apple's portfolio along with its own, free iTunes radio. Perhaps then, the firm is planning a multi-tiered approach to music streaming.

The deal will officially close in Q4 this year, subject to regulatory approval. We can't see anyone having much of a problem with it, beyond saying "$3 billion, are you QUITE sure about this?".